BP will assess the technical and commercial feasibility of developing a large-scale green hydrogen export hub in Egypt.
HOUSTON (Reuters) -U.S. oil refiner Phillips 66 on Friday said it will raise spending on new projects next year by about 6%, putting more into renewable fuels and pipeline businesses. Total capital spending next year will be about $3.14 billion, up from $2.97 billion budgeted this year, with increases for a new plastics plant and to convert a refinery to produce diesel and gasoline from animal fats and cooking oil. Energy firms have been steadily boosting investments in renewable and lower carbon fuels amid pressure from governments and climate activists.
HOUSTON, December 09, 2022--Phillips 66 today announced a 2023 capital program of $2 billion, including $865 million for sustaining capital and $1.1 billion for growth capital.